Re: Another bombshell from Govt.: No Tax Exemption from Next Year

[Jagannath Chatterjee]

Dear Guptaji,

 

As you have pointed out, the salaried class can be considered to be the most sincere tax payer as the tax is deducted from his income at source. You are also right in claiming that we pay tax on tax on tax...

 

Why should we pay both direct and indirect taxes? Why should there not be any incentive on saving? Why should we be forced to invest in the volatile stock exchange due to incredibly low returns on fixed deposits? Why should we pay so much in taxes and yet have no social security net? Why should we fill up the coffers for the corrupt to loot? Why should the common man be punished for the failure of the government to properly utilise available resources and let awesome amounts go waste due to faulty planning and corruption? Why should the common man forced to fund for projects which directly goes against his interests?

 

On the one hand there is no job or income security, and on the other hand we are forced to part with our hard earned earnings.

 

In Hindu prophecies it is clearly written that towards the end of the Kali Yuga the burden of taxes on the common man will be too difficult to bear. It is also written that India will suffer horribly under a woman Prime Minister who will be a widow. As per the political pundits the stage is all set to replace Dr Manmohan Singh.

 

We are in for tough times ahead.

 

Regards,
Jagannath.

 

--- In voiceofi...@yahoogroups.co.in, Manoj Gupta <mkg75_2004@y...> wrote:
>
>     Dear Friends,
>   
>   The Govt. is planning another attack on salaried middle class community by scrapping tax exemptions. It may cost Rs 30000/- in year to everybody!!! Are you ready to loose Rs 2500/- more everymonth on the top of existing taxes, for our corrupt politicians?
>   
>   If yes, God may bless you.
>   
>   If NO, please write an email to "jstpl1@n... ; dirtpl1@n... ; dirtpl2@n..." immediately. My email to them is pasted below.
>   
>   Please goto following link of the ET and post your comments:
>   http://o3.indiatimes.com/et_blog/archive/2006/05/17/689726.aspx
>  
> Please send this email to everybody you know before we Govt. decides against us.
>     
>   Whether you are paying income tax today or not, please oppose this move of Govt. It is going to harm everybody.
>   
>
>   *************************************************************************************************
>   Brief of the issue:
>   
>   The Congress government is planning to scrap tax exemptions on various policies like LIC, NSC, HRA, Mutual Funds & Other section 80C benefits (Exemptions Upto 1 lakh).
>
> What does that mean:
> - You cannot get tax exemptions on your HRA, i.e. No business of showing House rent agreement & receipts. You will be taxed on the whole HRA.
> - You cannot claim tax exemptions by showing LIC Policies or by having NSC Bonds.
> - You wouldn't be able to get tax exemptions on Housing loans.
> - No Tax benefits on Mutual/Infrastructure bonds.
>
> What does government wants:
> Government is targeting the salaried people and is making sure that no tax exemptions can be availed and thereby collecting as much tax as possible from our salaries.
>
> What does government wants us to do:
> This is in discussion and government wants people to provide their feedback on these future decisions and will thereby decide by the number of feedbacks received.
>
> ** Your feedback is important and will decide how much of our Hard earned money is going to government. **
>
> Please refer http://www.incometaxindia.gov.in/archive/ListofexemptionsunderI.T.Act1961.doc for complete details.
>
>    
> Regards
>   Manoj
>   Bangalore
>
>
>
>     ----- Original Message -----
>
>     From: Manoj Kumar Gupta
>   To: jstpl1@n... ; dirtpl1@n... ; dirtpl2@n...
>   Sent: Monday, May 29, 2006 6:17 PM
>   Subject: Please continue tax exemptions and deductions under the Income Tax Act, 1961.
>
>  
>
>     Dear Sir,
>   In reference to your notice (http://www.incometaxindia.gov.in/archive/ListofexemptionsunderI.T.Act1961.doc), I request you to please continue tax exemptions and deductions under the Income Tax Act, 1961.
>   Please do not burden the middle class, we are the honest tax payers. Why doesn't the government question people with crores of rupees who don't pay tax??? We pay tax on tax on tax ...?
>   I request that the existing tax benefit policy should be increased up from Rs. 1 lakh to Rs. 2 Lakh. After all Govt. is greatest beneficiary of this saving.
>   Thanks & Regards
> Manoj Kumar Gupta
> Technical Lead
> McAfee, Inc.
>
>

"Our ideal is not the spirituality that withdraws from life but the conquest of life by the power of the spirit." -  Aurobindo.

---

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[saish]

hi,

I think the real issue here is:
1. corrupt politicians (who misuse the funds)
2. corrupt citizens (who donot pay their taxes)

I think I am quite ok with tax exemptions being removed, provided the
money is correctly chanelised.

Regards,
Saish